GulfHindi English Desk: Finance Minister Nirmala Sitharaman has introduced a new tax regime that provides significant relief to the middle class. Under this regime, there will be no tax on income up to 7 lakh rupees. The Finance Minister stated that this regime is an attempt to provide the maximum benefit to the middle class. This will result in a tax exemption for individuals earning an annual income of 7.27 lakh rupees.
Even individuals earning slightly more than 7 lakh rupees will also receive tax relief under this tax regime. The Modi government aims to work together with every section of society. It was previously believed that if a person’s income exceeded 7 lakh rupees, they would have to pay taxes. However, it has now been decided that individuals earning slightly more than 7 lakh rupees will not receive any tax exemption.
Additionally, the new tax regime includes a provision for standard deduction. In the previous regime, individuals were not eligible for the benefit of standard deduction, which resulted in complaints. To address this issue, the new tax regime includes a provision for a standard deduction of up to 50,000 rupees.
Despite the tax exemption, it is important to seek financial advice and invest after considering your financial goals, risk tolerance, and investment horizon.
en.gulfhindi.com News Summary
👉The new tax regime introduced by Finance Minister Nirmala Sitharaman has provided relief to the middle class.
👉Under this regime, there will be no tax on income up to 7 lakhs.
👉The aim of this regime is to provide maximum benefits to the middle class.
👉Those earning slightly above 7 lakhs will also receive tax relief.
👉The government is making efforts to include every section of society.
👉The provision for standard deduction has been included in the new tax regime, benefiting individuals up to 50,000 rupees.
👉The table in the article shows the income-based provision for tax relief in the Central Budget 2023-24.
👉Despite tax relief, it is important to seek financial advice and invest after considering financial goals, risk tolerance, and investment horizon.
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